Coinbase – The Largest Cryptocurrency Exchange in the U.S registers $1 Billion Revenue for 2017

Coinbase’ meteoric rise to success was contributed majorly in the last two months of 2017 where investors rushed to exchange in massive numbers.

2017 has been a phenomenal year for crypto investors and so for the popular U.S-based cryptocurrency exchange ‘Coinbase’. Last year, as the cryptocurrency craze was at peak high the cryptocurrency exchange witnessed a massive inrush of investors signing up on its platform.

As reported by Recodeearlier this week, Coinbase has registered a whopping $1 billion revenue last year in 2017. The report shows that Coinbase has beat its estimated target revenue of $600 million by a whopping 66 percent higher.

Majority of the investors rush was witnessed in the last two months of 2017 when the crypto markets were on a wild upswing following the announcement of Bitcoin futures Contract. Since the November beginning to the mid of December 2017, Bitcoin was the most favourite pick of investors which was followed by an unprecedented rally in some of the altcoins like Ethereum, Ripple, Litecoin and others.

During this time, Coinbase registrations soared to record highs with an average 100,000 users signing up on the platform almost on daily basis. Coinbase reportedly is said to have registered over 13 million users in the last year. When the crypto craze was at its peak, there have also been a few occasions where the exchange crashed owing to a huge surge in demand of crypto investors.

Coinbase was founded in 2012 and has emerged as one of the most preferred exchanges providing wallet services for holders of cryptocurrencies. Coinbase earns the majority of its revenue through trades made on its GDAX exchange and also by charging some fees for fiat to crypto conversions and vice versa.

In a bid to increase its customer services and engineering teams and expand its horizon of business further to New York, Coinbase managed to raise $100 million in series D funding last year in August 2017.

Having seen the success of the company later, many venture capitalists and private and seeking ways to get the shares of the company. Many investors who missed out on the funding opportunity, are now reportedly enticing existing shareholders to part ways with their lucrative holdings.

However, Coinbase has strictly asked its investor to refrain from selling their shares to outside parties as this would mean the breach of a policy. In a statement to Recode, Coinbase said:“As a private company, Coinbase does not allow trading of stock on secondary markets for a variety of reasons, including the fact that there is not full and equal information available to the market. We will take appropriate action if we find people have sold Coinbase shares in violation of our agreements not to do so.